Rio Tinto Predicts Reduced Consumption of New Steel

Mining.com reported that Rio Tinto (NYSE:RIO) has predicted that China’s dependence built-up iron ore inventories will dampen metal demand in the short term.

As quoted in the market news,

The Chinese economy is in transition to what is being called the “new normal” – driven more by domestic consumption than by infrastructure growth. In 2015 to date, China’s steel production has been much the same as last year. There is inventory in the housing sector that has to be run down, and that will lead to a few years of reduced consumption of new steel.

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